U.S. August University of Michigan consumer sentiment index revised up to 96.2

Consumer confidence in the U.S. for the month of August was upwardly revised a bit. The final estimate of the University of Michigan consumer sentiment was revised up to 96.2 from 95.3, but remained the lowest reading for this year. The current conditions index was upwardly revised by 2.5 points to 110.3, while the expectations index was widely unchanged at 87.1.

The one-year ahead and long-run inflation expectations indices were upwardly revised by one tenth each. The press release stated that the dip in confidence in August is linked to less favorable assessments on buying conditions, particularly in light of the rise in durable goods prices and shrinking home affordability.

However, consumers continue to be positive about future economic conditions, supported by their outlook on job security and future income prospects. Around 62 percent of all respondents anticipate to have incomes that either match or outpace inflation in the next one to two years. Moreover, the expectation that the country will have good times ahead widely stable in August. Overall, higher after-tax incomes, a solid labor market, and above-trend economic growth continue to anchor sentiment, noted Barclays in a research report.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 26.03. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex